收入跨越三百亿元，复兴道路势能强劲2023年报及2024年一 季报点评

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 31.93 billion yuan in 2023, representing a year-on-year growth of 21.80%, and a net profit of 10.44 billion yuan, up 28.93% year-on-year. In Q1 2024, the revenue reached 15.34 billion yuan, with a growth of 20.94%, and a net profit of 6.26 billion yuan, increasing by 29.95% year-on-year [5] - The company continues to upgrade its product structure, with high-end products leading overall growth. In 2023, the revenue from mid-to-high-end liquor reached 23.20 billion yuan, up 22.56% year-on-year, and in Q1 2024, the growth rate for mid-to-high-end liquor was 24.90%, significantly higher than other liquor categories [3][5] - The company is advancing its national strategy, with revenue growth from outside the province surpassing that from within. In Q1 2024, the revenue from within the province was 5.60 billion yuan (up 11.44% year-on-year) and from outside the province was 9.70 billion yuan (up 27.61% year-on-year) [3] Summary by Sections Financial Performance - In 2023, the company's gross profit margin remained stable, while the net profit margin increased by 1.64 percentage points to 32.76%. The gross profit margin for mid-to-high-end liquor was 84.09%, up 0.11 percentage points year-on-year [4] - In Q1 2024, the gross profit margin was 77.46%, an increase of 1.90 percentage points year-on-year, with a net profit margin of 40.86%, up 2.75 percentage points year-on-year. The cash flow from operations showed significant growth, with sales receipts and net operating cash flow increasing by 44.66% and 105.10% year-on-year, respectively [4][5] Market Strategy - The company is expanding its national layout, with the number of distributors increasing significantly. In 2023, the number of distributors in the province increased by 52, while those outside the province rose by 251, indicating a deepening national strategy [4] - The company is also enhancing its online marketing channels, achieving significant sales during major online shopping events, ranking among the top three in the industry on major e-commerce platforms [4] Earnings Forecast - The company is expected to achieve revenues of 38.63 billion yuan, 46.36 billion yuan, and 55.17 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 13.08 billion yuan, 16.00 billion yuan, and 19.29 billion yuan [8][9] - The earnings per share (EPS) are projected to be 10.72 yuan, 13.12 yuan, and 15.81 yuan for the same years, with price-to-earnings (P/E) ratios of 24, 19, and 16, respectively [8][9]